According to Khaleej Times, Pakistan is leading the region in e-commerce, digital finance and branchless banking, as the campaign for the expansion of the National Financial Inclusion Strategy goes ahead.
An intense use of mobile telephony, and a range of several other equipment goes on, moving into most of the commercial, business, industrial, education, and news media sectors. According to the data by Pakistan Telecom Authority (PTA), World Bank and international data sources, 13 per cent of Pakistani adults have a formal account.
Less than five per cent of women are included in formal financial sector. Some 27.5 million Pakistani adults cite distance to a financial institution as a barrier to opening a financial account. At the same time 2.9 per cent adult Pakistanis have a debit card.
Also, telecom sector goes up in the import of equipment, new connections, innovative and art of the day technology, its private use, or its applications ranging from e-commerce to banking and fintech.
This market is swiftly changing to one using all varieties of mobile telephony, telecom and ICT related services and products. This massive transformation of the telecom and IT users goes on while Pakistan is the number one investment destination for foreign investors.
Alongside these developments, the sister industries including production and assembly of computers, laptops and a wide range of IT equipment is also moving up. The World Bank reports that a 10 per cent increase in high speed Internet connections can boost GDP by 1.38 per cent.
The arrival of broadband in Pakistan is set to have a very positive impact on its economic growth. These production activities will expand further as the government is considering various proposals to cut down current taxes, and provide several other concessions.